Last Minute Worries

cornsong

I am due to exchange contracts on a property this week but I am having some last minute nerves/worries. We are FTB buying a 3-bed semi-detached property built in 1956 which the seller previously rented out. We are looking to modernise the property, carry out a kitchen extension, install a WC and rewire.

We initially put in an offer at the asking price which was accepted and following this we had a mortgage valuation conducted. This said similar types of properties in the area typically sold over a range of £25k. They said our property was in need of some repair and modernisation but somehow still valued in at the top of the range which was the asking price we paid. We subsequently got our own building survey carried out which valued the property at the bottom of the range a £25k difference from our asking price. So I used this report as a basis to get a £12.5k reduction on the offer price, however, the seller was keen for a quick sale after this and wanted us to exchange contracts asap so I was not able to get any follow-up surveys conducted. The surveyor had mentioned getting an electrical installation, heating systems, damp, asbestos, structural survey, woodworm and drainage survey conducted. However, at the time I assumed the surveyor trying to cover there back. There were two 3's on the report replacing the garage roof and a partial blockage of the drainage and the surveyor in a phone call suggested there were lots of minor things wrong with the property rather than major things.

We are due to exchange this week and I had a final viewing of the property and have had another read through the report. I am an anxious person and have started to imagine the worse case possibility regarding several areas.

1) Speaking to people and researching online it seems that it is common for properties of this age to contain asbestos. The survey mentioned a room has an artex ceiling and another has a textured ceiling but did not say this could contain asbestos. I also read that people board over or plaster over asbestos so I am concerned it could be hidden underneath other ceilings also making it difficult to make alterations to the property. The surveyor did mention the airing cupboard and soffits may contain asbestos but this is less of a concern as I was not planning any work in these areas. If I proceed with the purchase I will definitely get a survey done for my piece of mind.

2) The surveyor mentions bounciness in the floors of two rooms I read online that this could be a sign of woodworm?

3) The surveyor mentions potential issues with the lintels above the windows and doors e.g. "structural damage was noted above the kitchen doorset and window evident by a horizontal crack above the brickwork and cracked mortar. This is an indication that there might be a lack of or inadequate lintel support/lintel failure when the windows and doors were replaced". I noticed on google street view the windows were previously aluminium which I read could mean there were structural supporting. I had thought as the windows and doors have a FENSA certificate and we have a guarantee for the work that was conducted 4 years ago we would be covered if there is a problem, however digging deeper it seems that these only cover the actual windows.

As I previously said I am naturally a worrier and tend to anticipate the worst so I find it hard to judge how big an issue the above points maybe. The seller has made it quite clear that if the purchase is to go ahead we need to exchange the start of this week, how likely are my fears to be true?

pinkshoes

Have you got plenty of money set aside to sort any issues out?

Bouncy floors can be caused by a variety of things.

We bought a 1980s house and there were so many little things we didn't spot. We absolutely love it though and after 3 years it is starting to look more like we want it to.

Little things can be fixed. Big things (location, no parking etc...) can't, so if the big things are all fine and you have plenty of money put aside for fixing, then I'd say go for it.

cornsong

Thanks for the reply, I have set aside money for the extension and WC based on a builder's estimate, which we hope to get done in early 2019. We will live in the property before then and buy only the essentials. How much money is it sensible to have set aside for other potential problems? £10k?

AnotherJoe

The surveyor had mentioned getting an electrical installation, heating systems, damp, asbestos, structural survey, woodworm and drainage survey conducted. However, at the time I assumed the surveyor trying to cover their back.

It was. Doesn't mean there aren't issues in those areas, but that would be standard CYA boilerplat for a report, and zero reason to believe there are issues.

Unless you buy a new build with a ten year guarantee (and even then reports on new house quality are shocking) any house could have issues. Since you expect to do a lot of renovation some potential issues are less serious, for example if you found the kitchen was falling to bits after you moved in and you weren't expecting to replace it that would be an issue.Since you are ripping it out, which also gives an opportunity to fix electricals and plumbing behind the scenes, it isnt an issue.

As for artex containing asbestos, unless you buy a house built after the turn of the century, thats going to be there. As long as you dont starting sanding the ceilings and breathing the dust in, not an issue. Its very unlikely that soemone has covered up other ceilings in some cunning plan to hide asbestos containing artex. Skimming them is common since people dont like the artex look anymore. If you dont want any chance of asbestos in artex, you are buying the wrong age house.

Sure bounciness "could" mean theres woodworm, unless you rip up the carpets and look no way to know it could just be an old house and thats what they are like.

Maybe you need to back out, buy a house that doesnt need anything more than the magnolia paint updating and walk away from this one? Though given you are contemplating some major works I'm surprised you are so nervous and up for an extension. Speak to anyone and they will have tales galore of people they know, or themselves, that had problems with extensions and builders. I think you have more grounds to be worried about the building work than artex or woodworm.

G_M

I strongly suggest you withdraw and focus on buying a New Build property that comes with a 10 years NHBC (or similar) warranty.


That is the only way for someone of a nervous disposition (property-wise) to protect themselves against having to do maintenance or repairs to their home.

Davesnave

If you had woodworm, you'd have damp as well. Woodworm larvae hate dry wood. Anyway ,there was a rash of woodworm treatment using some ghastly now-banned chemicals in the 70s-90s, whenever anyone wanted a mortgage!

It's much more likely the house just wasn't built terribly well. Many inter and post war houses on bigger plots had to have 'economies' built-in to offset the land prices. Maybe a dwarf support wall under the floor needs a bit of attention. Nothing major.

We had a 1937 semi on 1/4 acre. The living room floor always bounced, but somehow we survived living there, artex and all, for 21 years.

Loved it!

cornsong

AnotherJoe wrote: »

Unless you buy a new build with a ten year guarantee (and even then reports on new house quality are shocking) any house could have issues. Since you expect to do a lot of renovation some potential issues are less serious, for example, if you found the kitchen was falling to bits after you moved in and you weren't expecting to replace it that would be an issue.Since you are ripping it out, which also gives an opportunity to fix electricals and plumbing behind the scenes, it isnt an issue.

Yes my plan was to bring everything up to date, we liked the location and the potential to put our own stamp on the property, have plugs and lights where we wanted and not live in a generic new build (which can have questionable build quality) surrounded by identical houses. I have a maximum budget of £55k to spend on the property of which £30k is set aisde for the extension and downstairs toilet, up to £8k for a new kitchen, up to £2k for a new bathroom (least immportant currently), up to £5k for a complete rewire and then £10k for general repairs, boarding and insulating the loft, carpets, painting and decoracting e.g. £1k to fix the garage roof I am not sure how realistic these prices are and how any unspected suprises e.g. asbestos may influence the ability/cost of doing things such as the extension and rewire.

maisie_cat

pinkshoes wrote: »

Have you got plenty of money set aside to sort any issues out?

Bouncy floors can be caused by a variety of things.

We bought a 1980s house and there were so many little things we didn't spot. We absolutely love it though and after 3 years it is starting to look more like we want it to.

Little things can be fixed. Big things (location, no parking etc...) can't, so if the big things are all fine and you have plenty of money put aside for fixing, then I'd say go for it.

Spot on, the immovable is more important than potentially having to sister or replace a floor joist at some point in the future.

pinkshoes

cornsong wrote: »

Yes my plan was to bring everything up to date, we liked the location and the potential to put our own stamp on the property, have plugs and lights where we wanted and not live in a generic new build (which can have questionable build quality) surrounded by identical houses. I have a maximum budget of £55k to spend on the property of which £30k is set aisde for the extension and downstairs toilet, up to £8k for a new kitchen, up to £2k for a new bathroom (least immportant currently), up to £5k for a complete rewire and then £10k for general repairs, boarding and insulating the loft, carpets, painting and decoracting e.g. £1k to fix the garage roof I am not sure how realistic these prices are and how any unspected suprises e.g. asbestos may influence the ability/cost of doing things such as the extension and rewire.

It all sounds a sensible budget.

All older houses have pitfalls. If something turns out to be more expensive, then just prioritise what you want done and then save up again.

Ours is a 4 bed detached. We were at the top of our budget so planned to save up then fix things when we had he money. Baby number 2 (planned) turned out to be twins, so we have hardly done anything!!

We have the original early 1980s boiler (works fine) but didnt realise there is no thermostat whatsoever! This means we have to have the heating on to get hot water, or use the immersion heater. Not a single plumber or heating engineer is willing to install one unless we agree to have the boiler changed.

You learn to live with the quirks you cannot afford to change!

If this is a long term house and you have no plans to move, then go for it and make it your home.

hazyjo

cornsong wrote: »

I have a maximum budget of £55k to spend on the property of which £30k is set aisde for the extension and downstairs toilet, up to £8k for a new kitchen, up to £2k for a new bathroom (least immportant currently), up to £5k for a complete rewire and then £10k for general repairs, boarding and insulating the loft, carpets, painting and decoracting e.g. £1k to fix the garage roof I am not sure how realistic these prices are and how any unspected suprises e.g. asbestos may influence the ability/cost of doing things such as the extension and rewire.

Once you have spent roughly £55k-ish grand on it, will it be worth more than that? Are extended similar sized houses going for over that price?


If only breaking even, I'd be tempted to just buy a better house in the first place. If making a substantial amount on top, go for it, you've got a large budget for sorting it. If you won't get that money back at all, I'd walk and buy another.